问题如下:
A currency portfolio manager believes that actively trading currencies are costly because of the management fee and transaction costs, and in the long tun the currency market is a zero-sum game. The manager will most likely choose:
选项:
A.not hedging currency risk.
B.discretionary hedging
C.currency overlay
解释:
A is correct.
考点:reasons of hedge/not hedging currency risk
解析:not hedge currency risk的原因有:hedge是有成本的,即使hedge也不一定可以获得超额收益;从长期来看,有效市场是零和游戏,一种货币升值,那另一种货币肯定是贬值的;外汇在长期将趋于fair value。这个投资经理的观点符合前两条,所以不会hedge。Discretionary hedging和currency overlay是hedge currency risk的两种策略,所以BC不对。
老师您好,
请问,他 认为 actively trading currencies are costly,在选项之外,他会选择active currency management或者currency overlay吗?